Crunchbase has an excellent report that uses a term Canadian cities will be familiar with: superclusters.
They’re not talking about Justin Trudeau’s idea of government catalyzed tech superclusters. Superclusters are cities that are home to “supergiant rounds” of venture capital.
These are funding events when a company raises more than a $100 million dollars in a single round. Those used to be rare. Not anymore.
Here, in the chart below, are the cities where they’re happening:
See anyone missing? Not one Canadian city makes the list. Toronto (with K-W) should be. And I’m sure that people are in Montreal and Vancouver would make an argument for their strengths.
But the major funding events aren’t happening in Canada. And that’s a major challenge for Canada’s companies.
Even though they often have world-beating technology, they don’t have immediate access to Canadian capital to scale into the billion-dollar-plus entities.
That’s where the unicorns wander.